Loncor's clear strategy going forward to increase the mineral resources on the Imbo Project by undertaking additional drilling and advancing the project up the value curve by initiating a Preliminary Economic Assessment on the Adumbi deposit.
Significant potential still exists at Adumbi to increase and upgrade mineral resources within the open pit as well as substantial underground potential since the mineralization remains open at depth and normally basement gold lodes are several times greater than open pit resources.
In other words, Loncor is growing the inferred resources at Adumbi knowing that such will attract early attention.
It is important to note Barricks criteria for an acceptable development discovery..
Amongst the criteria mentioned;
1.......‘It is located in a world class geological gold district.’
Absolutely Proven
2......‘Tier 1: A reserve potential greater than 5 million ounces of gold and at least a +15% IRR at the long-term gold price.’
Adumbi and Makapela already have 3.7 m ounces at very high grades and higher than those at Kilbali.
Current drilling will increase Adumbi gold resources and there is a good chance that it will meet Tier 1
3......Tier 2: A reserve potential greater than 3 million ounces of gold and at least a +20% IRR at the long-term gold price.’
Already Met as Adumbi and Makapela have 3.7 m ounces
Adumbi and Makapela have barely been explored.
Barrick is drilling 4 targets around Majapela which have been very recently included in the JV by Barrick in exchange for first right of refusal for Our 100% Makapela.
Further, Loncor is on the verge of several other major gold discoveries at Imbo East, as yesterday's NR deminstrates.
You should note that almost all open pits have substantially larger basements of high grade gold,
Further, all of Loncor's tenements are underlaid by BIF Greenstone much like Kilbali.
Such BIF hosted gold discoveries have the potential for elephant discoveries like Kilbali.
So we are looking very good to be taken out by Barrick once we complete Adumbi's PEA later this year